BLSH shares a jump while Wall Street analysts praise IPO debut and Bitlicense win
Wall Street Bank Citi (C) has raised the target price to bullish (Blsh)the owner of CoinDesk, up to $ 70 from $ 66 after the crypto exchange Results in the second quarter Come slightly with expectations.
The long awaited Nydfs bitlicense approvaL is eliminating a major overhang regulation, strengthening the investor’s confidence into FY 2026, Citi said.
But the biggest surprise, according to the bank, is Bullish’s speeding subscription, service and others (SS & O) Growth of the pipeline, an inflection its characteristic in part to momentum from the company Recent Ipo.
Citi reiterated its purchase rating, citing the company’s “extremely attractive operating leverage.
Meets high expectations
Broker Canaccord said Bullish had delivered a strong debut as a public company, meeting the high expectations of its first reported quarter post-Tuto.
In just one month from going to the public, the exchange has taken significant steps, including the secure of coveted bitlicense from the New York Department of Financial Services (NYDFS)which shows solid quarter-to-date pricing trends in Q3, and continues to measure the business of subscription services, the report said.
The broker noted that Bullish was also on track to launch trading options in Q4 and raised the Q3 guide above Wall Street estimates.
Despite the early momentum, the Canaccord believes that current forward estimates will remain conservative. Trade volume assumptions are not yet price at any place of market appreciation, and the expected contributions from the US business and controlling options reflect careful time.
Canaccord reiterated its purchase rating and did not change the target of $ 68.
The KBW investment bank said it viewed the Bitlicense and Money Delivery License as a positive for the “near-term platform expansion in the United States with the combination of the New York State.”
That said, Bullish is still faced with important challenges in developing brand recognition in new markets, where established players have long provided key exchange solutions, KBW said.
The bank maintains its market to perform a rating on bullish shares and target $ 55 prices.
Bullish shares are over 8%, trading around $ 58.18 at the time of publication.
Read more: Wall Street sees us as Catalyst for Bullish’s next foot
